Sanlam Group Risk Products
These products cover life, funeral, disability and critical illness and address the financial needs your employees might face as a result of these events.
Designed for employers who care about their employees
With us, your employees and their loved ones are protected and cared for in the unfortunate event of a death, disability, or severe illness. Our risk products offer financial protection for employees should any of these events occur. Paired with Retirement Savings, you can offer your employees a comprehensive and holistic benefit package that can be tailored to their needs.
Group Life Insurance products
Life is unpredictable, but your insurance shouldn’t be. Group Life Insurance protects the futures of your employees and their loved ones – giving them peace of mind that they are covered in their time of loss.
Life Insurance
Show your employees that you care about their loved ones by offering them life insurance. If an employee passes away, life insurance usually pays a lump sum to nominated beneficiaries, or a pension to the employee’s spouse and children.
Flexible Life Insurance
Flexible Life Insurance takes an employee’s cover one step further. In the event of death, an additional lump sum – established by the employee – is paid over and above the minimum compulsory portion. This gives employees the option to choose how much insurance they need, and adapt their cover as their needs change.
Accident Insurance
Sudden death leaves many families with the extra burden of debt and expenses. You can help relieve that burden for your employee’s family with the various payout benefit options that Accident Insurance provides.
Spouse’s and Children’s Pension
You have the potential to help your staff through traumatic life moments by lessening the financial strain. Spouse’s Life Insurance pays a lump-sum benefit to your employee on the death of their spouse, and is compulsory for all employees’ qualifying spouses.
Personalise your products with these supplementary benefits
You can choose to add any of the following supplementary benefits on the Group Life and Flexible Life Insurance products, to provide further peace of mind:
Conversion Option
Enables your employee to retain their cover in the form of a Sanlam Individual Life policy should they withdraw from employment.
Tax Replacement Benefit
Provides for the estimated tax payable on the insured death benefit under the retirement fund.
Terminal Illness Benefit
Provides for the early payment of the death benefit, should the employee be diagnosed with a terminal illness and have less than six months to live.
Accelerated Lump Sum Disability Insurance
Provides for accelerated payment of the death benefit should the employee become permanently disabled.
Accident Booster
A standard addition to our Group Life, Lump Sum Disability, and Income Disability Insurance policies, this benefit grants employees their full potential cover for claims arising from unnatural events.
Universal Education Protector Benefit
Assisting your employee’s surviving children with their future education costs.
Continuation of Insurance during Disability
When an employee receives a disability income benefit, their life insurance will remain in place, as if they remain an employee, with further payment of premiums.
Growth in Insurance during Disability
Life insurance that is continued while the employee receives a disability income benefit, is increased annually at the smaller of the escalation rate applicable to the disability income benefit and the CPI inflation rate.
Group Funeral Insurance products
With Funeral Insurance, your staff can be confident that their families won’t experience the financial burden of unexpected funeral costs.
If an employee, their spouse and/or child passes away, Funeral Insurance pays out a tax-free lump-sum benefit to assist their family with the cost of the funeral and its associated expenses. The benefit is paid within 48 hours after the necessary documentation has been received. If your employee’s service is terminated as a result of ill health (i.e., total occupational disability), the funeral insurance of the employee and his/her qualifying spouse and qualifying children can be retained with further payment of premiums, up to the earlier of the death of the employee or the benefit cessation date.
As the employer, you can add these additional benefits:
Funeral Cover Extender: You can give your employees younger than 65 the option to take additional voluntary funeral cover for themselves and their immediate family members under a separate Funeral Cover Extender policy.
Group Disability Insurance Products
No matter what your line of work, your employees are still at risk of an occupational disability. With our range of Group Disability Insurance products, your employees and their loved ones will be covered if the employee becomes injured or ill and cannot work or earn an income for prolonged periods.
Lump Sum Disability Insurance
In the event of an employee’s total and permanent occupational disability, a benefit is paid to assist the employee with replacing future lost income and to fund lifestyle changes. It can be paid either as a lump sum or monthly instalments, and can be defined as a multiple of up to eight times the employee’s annual salary, but is limited to a maximum amount.
Spouse’s Lump Sum Disability Insurance
With this option, your employees will experience an accelerated payment of the Spouse’s Life Insurance, i.e., the spouse’s life cover is reduced by the disability benefit paid. It makes provision for the Spouse’s Life Insurance to be paid in the event of the employee’s spouse becoming totally and permanently disabled before reaching the age of 60 years.
Temporary Income Disability Insurance
This insurance enables your employees a monthly income for a fixed payment period of between 6 and 24 months, selected by you, the employer. It means that if a disability claim is admitted, the monthly disability income will only be paid up to the earlier of the end of the selected payment period, recovery, return-to-work or the employee’s benefit cessation date.
Income Disability Insurance
This product suits employers who follow a more traditional, non-managed approach to employees’ health issues. It pays a tax-free monthly income to employees who suffer from total occupational disablement due to injury or illness, irrespective of the permanence of the condition.
Managed Income Disability Insurance
This insurance is similar to the Income Disability Insurance: it provides a tax-free monthly income to employees who experience occupational disablement. It either pays a regular monthly income to an employee, or a reduced disability income for employees who become partially disabled, thereby encouraging employees to return to work a reduced capacity. This product suits employers who follow a managed proactive approach to employees’ health issues.
Group Severe and Critical Illness Insurance products
Severe illness insurance is a vital part of a company’s employee benefit offering, as it plugs the gap that disability insurance leaves open. Some employees may not qualify for occupational disability benefits after suffering a severe illness, therefore, their disability insurance might not assist them in these instances. This is where severe illness insurance steps in.
- Core Severe Illness Insurance
This insurance pays a non-tiered benefit (i.e., the benefit does not scale down according to the level of severity) at 100% of the insured amount for 10 of the most common severe illnesses. The insurance terminates after a claim is paid, therefore, multiple claims are not possible for the same insured employee.
- Severe Illness Insurance: Impact Range
The Impact Range offers a more affordable range of severe illness benefits. These benefits have been designed to consider the true impact of an illness on the employee’s life and finances, and cover a wide range of claim events through tiered benefit payments based on the severity of the illness. Multiple claims are possible for the same insured employee, i.e., the insurance does not terminate after a claim is paid.
There are three benefit options available in the Impact Range:
1. The Cancer benefit: impact-based cover for 47 defined cancers, leukaemias, lymphomas and tumours, paying 100% for specified aggressive cancers from Stage 1.
2. The Cardiovascular benefit: impact-based cover for 45 defined heart and vascular conditions.
3. The Comprehensive Severe Illness benefit (which includes the Cancer and Cardiovascular benefits): impact-based cover for a wide range of severe illnesses, impairments, injuries and infections.
- Comprehensive Critical Illness Insurance
This product is not impact-based and pays a lump-sum benefit equal to 25% to 100% of the cover amount on the diagnosis of a critical illness claim event. It covers 34 defined critical illness claim events, and multiple claims are possible for certain claim events and unrelated illnesses, i.e., this insurance also does not terminate after a claim is paid.
Accident Booster
The Accident Booster benefit is a standard addition to our Group Life, Lump Sum Disability and Income Disability Insurance policies. The benefit grants employees their full potential cover for claims arising from unnatural events regardless of any medical underwriting limitations imposed in respect of natural causes or known medical conditions.
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To find out more about the products that will help your employees navigate life with confidence, please contact us.